2000. Freedmans Savings & Trust Company (Washington, DC)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: September 19, 1873
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 1655e486

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Commissioners appointed to liquidate/close affairs; eventual insolvency and liquidation overseen by commissioners and Secretary of the Treasury.

Description

The Freedman's Savings & Trust Company experienced runs in 1873–1874 (including during the national panic after Jay Cooke & Co.'s failure). In late June 1874 trustees, citing the June 1874 charter amendment and insolvency pressures, placed liabilities in the hands of commissioners and suspended payments; commissioners/receivers proceeded to liquidate. The institution did not resume normal operations and was liquidated over the following years. I corrected minor OCR artifacts (dates and phrasing) when extracting snippets.

Events (5)

1. September 19, 1873 Run

Cause: Macro News
Cause Details: Run occurred during the broader money panic of mid/late September 1873 (general financial panic following Jay Cooke & Co. collapse).
Measures: Bank promptly paid depositors who presented themselves; waived 60-day notice during the panic.
Newspaper Excerpt: The run on this Bank has ceased. Those who deposited...on calling for it have received it.
Source: newspapers

2. November 1, 1873* Run

Cause: Macro News
Cause Details: A run triggered by the failure of Jay Cooke & Co. and the resulting national financial panic, forcing asset liquidations.
Measures: Withdrew investments to meet withdrawals; sold bonds; frequent trustee meetings to manage liquidity.
Newspaper Excerpt: The run made upon the Bank by the failure of Jay Cooke & Co., cost us not less than fifty thousand dollars
Source: newspapers

3. June 29, 1874 Suspension

Cause: Government Action
Cause Details: Trustees invoked provisions of the June 1874 congressional amendment (special deposit rules) and, facing inability to meet maturing notices, placed liabilities with commissioners; the national board ordered stop to taking/ paying money at branches per Washington dispatches; commissioners approved by the Secretary of the Treasury took charge to close affairs and liquidate assets (deemed insolvency).
Newspaper Excerpt: It was voted nine to four, to put the liabilities of the bank in the hands of three commissioners... The New York branch... The bank opened its doors, but neither received nor paid out any money.
Source: newspapers

4. July 11, 1874 Receivership

Newspaper Excerpt: The commissioners...entered upon the discharge of their duties, and for two months have been engaged in the investigation and adjustment... I. However much it may be regretted, it is nevertheless true that this company is insolvent and unable to pay its depositors and other creditors. After all...the directors...availed themselves of the provisions of the act of Congress, approved June 20, 1874, and proceeded to select three commissioners to 'close up' the affairs of the bank. The commissioners were approved by the secretary, and after giving bond...entered upon the discharge of their duties, and for two months have been engaged in the investigation and adjustment of the complicated operations of the principal office (statement dated July 11, 1874).
Source: newspapers

5. September 6, 1875 Other

Newspaper Excerpt: When we shall have got in the Treasury of the United States the sum required for the payment of twenty per cent. pro rata... we shall declare a dividend... we have now in hand some $515,000. If you will be at the pains to explain to depositors the plan above indicated... R. H. T. LEIPOLD, of the commissioners. (commissioners' letter, Sept 6, 1875).
Source: newspapers

Newspaper Articles (18)

1. September 25, 1873 New National Era Washington, DC

Article from New National Era, September 25, 1873

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To the Depositors of the Freed man's Bank. Your Money Per feetly Safe The "run" on this Bank has ceased. Those who deposited their money with the Trustees of the Freedman's Savings and Trust Company, on calling for it have received it. This fact shows that the money has been safely kept. Although, under the rules of the Company, sixty days' notice might have been demanded before closing out accounts, yet, in the fearful panic of the past few days, such notice was waived, and every depositor who presented himself at the counters of the Washington Branch was promptly paid. Having shown its soundness and its willingness to pay even when the other savings banks in this city found it prudent to insist upon notice, it deserves "renewed confidence. In this connection it is worth while to assure the people of the country that this Bank has no connection with any of the failing banking houses, has no money invested in railroad stocks and wild-cat securities. Under the charter of this Bank it is allowed to invest only in United States bonds and real estate securities. It is only necessary to give little time to convert these securities into money, when every dollar deposited can be returned. The people of the country are assure d. that this is one of the safest banking institutions in the land. With branches in New York, Philadelphia, Baltimore, Washington, and all the leading cities of the South, it transacts business without any close connection with other banking houses. For the convenience of its own depositors money is transferred from any one branch to another without risk or large ex pense. Conducted by careful men, given to no adventures, influenced by considerations of perfect safety as'a first necessity in a savings bank, we cannot commend this institution in too high terms. Even the negro minstrels traversing the country share with us this feeling of perfect confidence in the Freedman's Banks, and bring rounds of applause in giving expression to that feeling in their poculiar, comic songs. The Georgia Minf strels, on visiting Washington during the fearful panic of Friday and Saturday, the 19th and 20th instants, sang to the great delight of their audience1 "De Washington banks am quite gwine to bust; Ole Aunt Jemima, &c., I In the Freedman's Banks we puts our trusts, $ Ole Aunt Jemima," &c. y Without any attempt to reflect upon other 0 Washington banks, in common with the sene timent of the Minstrels, we put our trust in the Freedman's Savings and Trust Come pany. e To the depositors who withdrew their I money from this Bank during the panic, we d say redeposit at once before you spend or lose your email earnings. Pickpockets and thieves will have a fine feast unless you heed 0 our advice. h We suggest also that our leading men, e and especially the preachers in our churches, h can do much to allay the excitement which naturally followed the moneyed panic of the past few days. The people who have not time to make themselves familiar with the internal condition of the Bank, simply need to be assured by those who do understand, that all is well, and they will be satisfied. 5 We do not say these things for the benefit of the managers of the Bank, but rather for the good of the people. Great injury results to hundreds of men and women who in time of frenzy rush to a bank and withdraw their funds when not needed. Much money withdrawn during the late excitement will be wasted unless our leaders and influential men urge the people to redeposit. We have discharged our duty in this regard

2. April 28, 1874 National Republican Washington, DC

Article from National Republican, April 28, 1874

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TO THE DEPOSITORS AND FRIENDS OF THE FREEDMAN'S SAVINGS AND TRUST COMPANY: Next to the late Freedman's Bureau our Savings and Trust Company has, to a certain class of the American people, been a standing offence. Having little sympathy with the colored race and no faith in the policy of emancipation, they have been prompt toexpose every fact and circumstance connected with the Freedman's bank which could awaken distrust and cause a run upon its deposits. The fact that within ten years after gaining their freedom the freedmen have built up an institution counting its assets by millions does not tally. well with the popular theory that the negro needs a master and cannot in freedom take care of himself. While it may not be that this statement explains all that is said and done to discredit the Freedman's bank there is no denying that it explains the chief ground of the assaults made upon this institution. Money is power, and no people need this power more than we who are just emerging from the harbarism of slavery to the civilization of freedom. The Freedmen's bank was wisely organized with a view to assist the freedmen in saving and adding to the gains of their industry, and has in a large measure accomplished this much-needed work. If it has not accomplished all that was desired and expected, this result is due to repeated efforts to destroy confidence in its soundness and cause a run upon its deposits. The latest effort of this sort is the publication of a garbled report of the bank examiner, Mr. Meigsomitting everything that attended to show that the bank is resovering from the mistakes made in its earlier management. The Committee on Banking and Currency had the report in their hands for nearly three months, and after a rigid examination found that the bank had, for the past two years, been conducted honestly, and that the mistakes of the past were being corrected. Mr. Meigs says in his report that "& great and favorable change has occurred during the past one or two years, and I atticipate a much better condition of things in the future." The late panic has resulted in sacrifices to raise money to meet the demands of depositors, but in this respect their experience is only that of every moneyed institution in our country during this national calamity, and it is creditable to the institution that has survived a storm which has swept so many entirely away. The officers of the bank believe that were they to close to-day they can pay dollar for dollar, and that If the depositors will exercise due patience in twelve months the bank will be in a better condition than ever. FRED'K DOUGLAS, President.

3. June 25, 1874 New National Era Washington, DC

Article from New National Era, June 25, 1874

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out the inducement of a larger per centage of interest than was warranted by the earnings of the Bank. Of course any corporation, nation or family which spends more than it earns, will in due time find its coffers exhausted. Second. Another cause of this deficit of $200,000 is found in the fact that the former managers of the Freedman's Savings and Trust Co. undertook to do too much work in another direction; impressed as they were with the sense of the many benefits of savings institutions among the freedmen of the South, they were tempted into a sort of banking missionary movement. They started, established and supported branches of the institution in remote places in the Southern States, and where it was almost impossible that they could become speedily self-sustaining. Third. It cannot be doubted that a third cause has in a large measure operated against the success of the Freedman's Bank, and this cause happens to be one which it is most difficult to deal with, because it is inherent in the enterprise itself, and no wisdom which the managers of the Bank can exercise, can counteract or remove. This institution conspicuously and pre- eminently represents the idea of progress, and elevation of a people who are just now emerging from the ignorance, degradation, and destitution entailed upon them by more than two centuries of slavery. A people who are hated not because they have injured others, but because others have injured them. This feeling of caste, this race malignity, has naturally enough taken about the same offence at the Freedman's Bank, as it did at the existence of the Freed- man's Bureau. It is as desirous to destroy the former as it was to destroy the latter. Fourth. Still another and greater source of evil has been the senseless runs made, from time, to time, upon the Bank. These have compelled the withdrawal of large sums of money from very safe and profitable in- vestments, and have diverted the regular business of the Bank from making money for its depositors, to the work of obtaining the means of meeting the demands of these disastrous panics. The Freedman's Bank has been subjected to no less than than three of these raids during the last eighteen months. The run made upon the Bank by the failure of Jay Cooke & Co., cost us not less than fifty thousand dollars, and required the with- drawal of a half million of dollars from safe and profitable investments. Add to these causes the general prostra- tion of business, the great loss of confidence in all moneyed institutions, the disturbed condition of affairs, especially in the District of Columbia, where most of our loans have been made, and you will easily understand why the Freedman's Bank is now under a heavy strain, and found it necessary to seek protection in the recent amendments to its charter. In respect to the future of the Bank, some of the main sources of danger and ruin have been entirely removed. The trustees governed by an increasing concern for the safety of their depositors rather than for large profits in the way of interest, have abandoned their unwise com- petition with others in the offer of a high per centage of interest, and have now re- solved to pay only such a rate as the net earnings of the Bank will warrant them in paying. They have also given up their wild and visionary schemes of banking, and have aban- doned the policy of establishing branches in remote corners of the country. They will now establish none where there is not a very strong likelihood of their be- coming self-sustaining. Not only have they discarded the policy of extension, they have adopted the policy of closing up as speedily as is convenient and practicable the non- paying branches now in operation. They are not only for decreasing the number of branches, but also the number of employés, and for reducing the salaries of their agents to the lowest point consistent with securing the services of good men. With this retrenchment in expenses, with wise and vigorous management, and with the returning confidence of our people, it is believed that the Freedman's Savings and Trust Company, which has already been a powerful instrument in promoting the moral, social, and intellectual welfare of our people will survive and flourish despite the machi- nations of its enemies. The effect of the legislation recently en- acted upon the Bank will naturally inspire confidence. It is indirectly a strong endorse- ment of the honesty and the ability of the trustees of the institution. It puts the destiny of the Freedman's Savings and Trust Company more completely than heretofore within their power and dis- cretion. It devises an honest method of keeping the institution in continued and suc- cessful operation, while it at the same time enables it to accomplish all the objects usu- ally sought in suspension. It completely divorces the past from the present and future. It separates the old from the new, and allows the dead past to bury its dead. It aims to protect the new depositor from all the mistakes and misfortunes connected with the management and past condition of the Bank. For the interests of the old depositors it enables the trustees to hold their securities as long as may be necessary to reap the full amount of interest they are capable of draw- ing, and then allows the trustees to fill up the chasm which may exist between assets and liabilities. It puts it in the power of the officers and agents of the Freedman's Savings and Trust Company to say with confidence and truth to all our old depositors, give us time and we will pay you every dollar due you from the company. To the new depositors it enables us to say with even more confidence, you may deposit with safety and profit. You are neither affected by past losses, nor past mismanage- ement. Your money shall not be in any way mixed up with the old, nor taken to pay old debts. It shall be held as special, and in- vested for your special benefit. In one aspect this bill may be said to place the old Bank in liquidation, while it at the same time creates a new one. It preserves the old body, but informs it with new life, and gives it a better assurance of continued existence. What is now needed is wisdom, courage, skill, and determination. With these the Freedman's Savings Bank may be made not only a success in itself, but a grand means of success to the colored people of the South, to whom it has already taught important lessons of industry, economy, and saving. The history of civilization shows that no people can well rise to a high degree of men-

4. July 2, 1874 Evening Star Washington, DC

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THE AO SUBPENSION MANH Action of the Trustees Scenes at the Bank To-day The trustees of the Freedman's Savings and Trust company held a meeting yesterday afternoon to take into consideration the affairs of the institution, and especially the probable effect of the amended charter, which was passed approved pus Condress 10 session [88] em 18 June the first section of which declares that passed em suredep special em 10 1189 euo of the act "shall be invested in real estate security situated in the vicinity of the branch where the deposits have been made and the remaining half in U. S. bonds. The effect of this clause seems to be that all '17 eun[ ship rueq the uj persoded Aenour cannot be used to pay depositors previous to that date. for they are in the nature of special deposits in other words it starts a new bank S14.L 23. eunf more sesodand puv 118 01 prevents the bank from taking the money deosited since that date to pay those who have 10 notice SAUP 09 10 This our quality condition withdrawal of deposits now daily maturing the 236 ennr 01 deceions deposters 811 ABD o,L 01 menner euros up eq pinom Rusq that 03 please assets am uodn realize date. At the meeting vesterday the following 10 out 101 SEM usded the trustees and the position in which the amended charter placed the bank was a matter them 01 espides JO ASHINGTON, D. C., June 29, 1874. To the Officers and Trustees of the Freedman's Savings and Trust Company: GENTLEMEN: Mr. Douglass has placed in my XIS 10 series 8 u| opinion are 103 'spueq questions, and respectfully submit them here with my answers. First.-May the trustees of the Freedman's Savings and Trust Company, under the amendment of charter enacted June, 1874, refuse for -sodep 811 JO 01 ITDI up payment reason Aug itors as have given notice 60 days in advance of their intention to withdraw their deposits? The company, as I inderstand, has y proper notice to depositors informed them they shall be paid at the end of sixty days from the time they signify their desire to withdraw their deposits. This promise on the one side, our no 11 THE accordance up Riven 9. 110 pas other, forms a valid contract which the company is not at liberty to change. The general -ord 81 11 and '7! pinom MBI 10 principal hibited by the closing language of the 8th section of the act of March 3d, 1865. incorporating the company; see 13th statutes at large, p. 512. 10 us Suiques pug I puw MOTE sup 01 'FIRT 'eanp quently hold that the trustees cannot refuse evan oum IIII at deposition 01 quartity them JO u! days TXIS conou to withdraw their deposits. Second.- May the trustees pay a part of any depository account against the bank, and take an obligation in writing from the said dep sitor that he or she will not demand any part of the sedep 118 ligun Aven vihicle UI08 redoad Junbo orn B recorded base ITEMS 8.1011 non Answer understand this question to be whether, by voluntary and unrestrained agreement between the con pany and the depositor, an arrange can be made There is no gal objection to such a contract, the depositor being left free to make it ornot, as he pleases. Third.- Should the company now pay fifty per cert. of a depositor's account, without taking 88 94008 SE Aue should such payment be included as a part of his or her pro rata share of the assets of the company on the final settlement Answer In the absence of such & voluntary puoces eq1 u! described ST 88 contract and answer the payment of fifty per cent. of a depositor account would be final, and not subect to any future modification by the action of 09 yours ou pur 'Ausduros the included as a part of the depositor' pro rata (Buy B no condator the JO stores the JO share settlement Fourth May the trustees do either of these things without reaching the int where they am 10 spueq 0112 up queq em place 04 punoq are a Answer already shown the trustees can do but one of the things alluded to, namely, purces ehe III as em exem question and answer. Such a contract would not bring them to the point of placing the bank u! creat 1847 10 spueq the III deed, by the terms of the section third and sev enth of the act of June, 1874, can only occur at the discretion of the trustees or on the order of Congress Can the trustees ace the old depositors' accounts in the hands of commissioners and still continue the bank under their control in relation to the new or special depositors? Answer The business of the corporation can. 108 11 make 01 FB Wise nons u! separated eq 100 vent for one class of interests and insolvent for eun jo 10% the 10 94L shother 11 почм subject the uo shop ou ] 1874 shall be deemed dvisable to close up the busi. ness of the company, commissioners are to be Product the 1100 10 charge taxe 01,, subject pus em dn 01086 effects pus nate branches, collect from the branches all the '022 ""ow pasy uo have they em JO esons THE provisions these section it becomes manifest that all the business of the company is to proceed together and all be closed at the same time Sixth.- May the trustees invest half of the amount received from special depositors in 810888 88 pieq MOU Inaus estate 1881 pergnopun by the company at the principal office, as a temporary means of bringing the bank under the general arrangement contemplated by the amendment of the charter in question? Answer company can on no account, and for no consideration, invest the special deposits received from branches in any other way than that prescribed by the first section of the act of June, 1874; that is, one half on real estate security situated in the vicinity of the branch where the deposits have been made, and the remaining half in U. S. bonds; or when 11 prodep 04 Mecossary eq sew 8 have the u: persond 88 'sesuedxe current meter 07 closing words of the first section of the act referred to. Special deposits made at the bank in Washington city might, perhaps, under a certain 8 no rest 03 petroop 09 MBI em 10 different footing, but the spirit of the law is 04 18 undised 811 pur distriction em agreest Mou JO spunj em JO em depositors in new securities. The object of the amendatory legislation of June, 1874, was to keep the funds of new depositors from any en tangling contract with the pre-existing securi ties T THOS DURANT After fully discussing the above subject and other matters connected with the bank, it was voted nine to four, to put the liabilities of the bank in the hands of three missioners, to be JO MBI 18th em Jepan dn punos the trustees that power whenever they thought the interest of the depositors would be promoted by it. They also decided to nominate as such commissioners Robert Pur (colored) of Phil adelphia, ex Postmaster General Creswell and R. Leipold, now at the head of the independent used redord 4114 that thought SI II SEM SE yonur SE realize IIIM assets the stement reported by Examiner Meigs, VIZ: 93 cents OL the dollar. This morning the bank opened its doors, but neither received nor paid out any money The depositors, as they learned of the action of the trustees, came to make inquiries, and the numberslowly increased. About 30 persons were about the rooms at noon to-day, and there appeared to be no excitement whatever, although many were very anxious, and most of them thought their cases were deserving of special attention, saying if the bank would only pay them part they would wait for the balance. Mr. Stickney was compelled to inform them uI dollar. 8 not Pay 01 remod ou put eu that most cases they left quietly, but now and then action our usu!ede protect pinom 900 of the bank officers. The trustees will hold another meeting at 3 o'clock this afternoon. It will probably take entite(T) bank em dn PUIM 01 years OM1 partial payment will prhbably be made with. mouths me) 8 III The New York branch has been notified from 11 pus 'spunj Aue no And 10 receive 01 you here is presumed similar notices have been sent to

5. July 2, 1874 New-York Tribune New York, NY

Article from New-York Tribune, July 2, 1874

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It was not paid. The counsel says that & small sum was offered her. but that acting under advice, she refused to take it, as the acceptance would be construed as a renewal of the deposit. The bank officers refused to pay the amount due her, as they said it was impossible for them to pay It. Suit was immediately begun against the Company in the Marine Court, and the papers were served on the bank officers on Tuesday. The Company advertised on Tuesday to the effect that it was receiving deposits, but discontinued the advertisement yesterday. Application will be made to-day ingthe Marine Court for the appointment of a receiver, or else the counsel WHI apply for a warrant in bankruptcy. The bank officers say that in refusing to pay the depositors they are simply acting under orders from Washington. A telegram was received on Tuesday from Washington directing them to discontinue payments and receipts. In regard to the special case of Mrs. Mapping, they say that she did not make an applieation for her money 60 days after the notice. The 60 days expired on Saturday, and she applied on Monday. soon as they get orders from Washington they will pay out money. If Mrs. Mapping continues the suit and gains it they could not see that she would be any better off. The responses made by John J. loashier of the Company, to the inquiries of a TRIBUNE reporter yesterday. seem to leave no room to doubt that the affairs of the entire institution, in all its ramifications, are in a bad condition. The National $Board of Trustees of the Company, he said, evidently acting under the orders of the Secretary of the Treasury, had issued this notice, and he thought if had been sent to all of the branches throughout the country, and was merely a preparatory step toward winding up [the concern. There were about $3,000,000 of deposits with the Company. About $300,000 of this was with the New-York branch. In regard to the cash on hand in this branch, the Cashier said that there was less than ten per cent. If the Company were to be thrown into bankruptev, the Secretary of the Treasury would probably take charge of its affairs according to law. The Company was chartered as a National Savings Bank for Freedmen in 1865, and it was at first restricted in its investments to Government bonds. It afterwards received the power of investing in real estate. Beside this, a portion of its funds was invested in call loans. The greater part was, however, confined to bonds and real estate. The National Board of Trustees takes charge of all the funds of the concern and makes the investments. The loans were nearly all made in Washington. There was some money lent to the Washington Board of Public Works. The law in regard to the Company just passed by Congress was intended to remedy this, as It directed that a certain proportion of the deposits of any branch should be invested in the place here they were taken. The Government retains a supervision over the savings banks. In regard to the prospects of depositors in the Company Mr. Zuille thought that they would receive the full amount of their claims, but that it would be months before this could be dore. A circular just issued by Frederick Douglass, the presout President of the Company, shows in a clear light the real condition of the Company's affairs. proving that even if the Company realize the full amounts invested in their loans, there will still be a large deficit, which the depositors will have to pay. Among other things Mr. Douglass says: In regard to the cond tion of this corporation certain facts have already come to public knowledge through the publication of the report of Mr. Meigs, the Bank Examiner. it is not necessary to disguise or explain away by false precesses the facts therein stated. It is known that on the 1st of January, 1874, our liabilities exceeded our assets to the extent of $217,000, and it is also known that nothing has occurred since that time to materialis diminish the space between these assets and liabilities, though 16 18 due to state that several considerable loans which were supposed at the time the report was made to be bad have turned out to be good loans. The deficit is stated to be the result of several causes. a) the first place the managers have endeavored to make the Freedman's Bank compete with older institations by offering a higher rate of interest than they could well afford ; another cause is found in the great number of branches established in remote places. Again, the numerous runs on the bank-three of them within the past 18 months-and the consequent withdrawal at a loss of investments, have been disastrous to the welfare of the concern. The run during the panic of last Fall cost the bank $50,000, beside compelling it to withdraw $500,000 from safe and profitable investments. The general prostration of business and the disturbed condition of affairs in the District of Columbia, where most of the loans were made, have affected the result. In regard to the charges made on account of the making of most of the loans iu Washington, Mr. Douglass states : It has long been & bitter complaint against the FreeJman's Bank that it withdraw money from distant localities and Invested it here at the espited The bill which has now become a law has removed ail ground 01 complaint on this point. It provides that loans shall be made in the vie nity of the different branches, 80 that the people who deposit their modev may now feel assured that it will not be withdrawn to build up Washington, but will be employed to quicken industry and improve the condition of the country where it is collected. This feature of the bill alone goes far to recommend the Freedman's Savings and Trust Company to the confidence and favor of the colored people. The phject of the circular was to reëstablish confidence in the proper conduct of the affairs of the institution. From the action taken by the trustees in putting a ston the business of the Company it would seem

6. July 2, 1874 New-York Tribune New York, NY

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The President of the bankrupt Freedman's Savings and Trust Company at Washington and the cashier of the branch in this city endeavor to explain in other columns several causes of its failure. Little stress is laid on the chief cause, which was the withdrawal of deposits in all the branches for investment solely in Washington, and largely in the warrants of the Board of Public Works. Explanations are more plentiful with the Company than good securities, but they will hardly satisfy the unfortunate depositors.

7. July 3, 1874 National Republican Washington, DC

Article from National Republican, July 3, 1874

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FREEDMAN'S SAVINGS AND TRUST COMPANY. LETTER FROM MR. T. J. DURANT. The suspension of this institution appears have been brought about by the recent act Congress amending the charter, which was 8 proved June 23, 1874. It provides that one ha of the special deposits received after the pa sage of this act shall be invested in real esta security situated in the vicinity of the bran where the deposits have been made, and t remaining half in United States bonds. Thus the money deposited in the bank sin June 23 cannot be used to pay depositors pr vious to that date, for they are in the nature special deposits; in other words, it starts a ne bank to all intents and purposes from Ju 23. This prevents the bank from taking tl money deposited since that date to pay tho who have complied with the rule of sixty da notice of withdrawal of deposits now daily m turing. To pay its depositors previous to June 23, tl bank would be compelled in some manner realize upon the assets held previous to th date. Mr. Frederick Douglass, president, su mitted the subject for legal advice in the sha of queries, which elicited the following: W ASHINGTON, D. C., June 29, 1874. To the Officers and Trustees of the Freedman's Sa ings and Trust Company: GENTLEMEN: Mr. Douglass has placed my hands, for an opinion in writing, a series six questions, and I respectfully submit the here with my answers. First. May the trustees of the Freedman Savings and Trust Company, under the amen ment of charter enacted June, 1874, refuse f any reason payment in full to such of its d positors as have given notice sixty days in a vance of their intention to withdraw their d posits? Answer.-The company, as I understan has, by proper notice to depositors, informe them that they shall be paid at the end sixty days from the time they signify their d sire to withdraw their deposits. This promi on the one side, and notice given in accordan with it on the other, forms a valid contrac which the company is not at liberty to chang The general principle of law would prohibit and it is prohibited by the closing language the eighth section of the act of March 3, 186 incorporating the company. [See 13th Statut at Large, page 512.] I find nothing in t] amendatory legislation of June. 1874, to change this view, and consequently I hold that tl trustees cannot refuse payment to deposito in full who have given notice sixty days in a vance of their intention to withdraw their d posits. Second.-May the trustees pay a part of an depository account against the bank, and tal an obligation in writing from the said deposit that he or she will not demand any part of tl sum which may remain until all other depos tors shall have received a like equal propo tion Answer.-I understand this question to 1 whether, by voluntary and unrestrained agre ment between the company and the deposito an arrangement can be made. There is 1 legal objection to such a contract, the deposit being left free to make it or not, as he please Third.-Should the company now pay fif per cent. of a depositor's account witho taking any written obligation as above as remainder, should such payment be include as a part of his or her pro rata share of tl assets of the company on the final settlement Answer. In the absence of such a voluntar contract as is described in the second questio and answer, the payment of fifty per cent. of depositor's account would be final, and n subject to any future modification by the action of the company, and no such payment could included as a part of the depositor's pro 7°a share of the assets of the company on a fin settlement. Fourth. May the trustees do either of the things without reaching the point where th are bound to place the bank in the hands of tl commissioners! Answer. As already shown the trustees et do but one of the things alluded to, namel make the agreement implied in the secoi question and answer. Such a contract wou not bring them to the point of placing the bar in the hands of commissioners; that event, deed, by the terms of the sections third a seventh of the act of June, 1874; can only occ at the discretion of the trustees or on the ord of Congress. Fifth.-Can the trustees place the old d positors' accounts in the hands of commissio ers, and still continue the bank under their co trol in relation to the new or special deposition tors! Answer.-The business of the corporati cannot be separated in such wise as to make solvent for one class of interests and insolve for another. The expressions of the act June, 1874, leave no doubt on the subject When it shall be deemed advisable to close the business of the company, commissione are to be appointed "to take charge of all tl property and effects, close up the principal ai subordinate branches, collect from the branch all the deposits they have on hand," &c., & Examining these provisions with those of t1 eighth section it becomes manifest that all tl business of the company is to proceed togeth and all be closed at the same time. Sixth.-May the trustees invest one half the amount received from special depositors undoubted real estate loans now held as asset by the company at the principal office, as temporary means of bringing the bank und the general arrangement contemplated by tl amendment of the charter in question? company can on no accoun and for no consideration, invest the special d posits received from branches in any other way than that prescribed by the first section the act of June, 1874: that is, one half on re estate security situated in the vicinity of tl branch where the deposits have been mad and the remaining half in United States bond or, when such a measure may be necessary, deposit it to meet current expenses, as pr vided in the closing words of the first sectio of the act referred to. Special deposits made at the bank in Was ington city might, perhaps, under a certa construction of the law, be deemed to rest a different footing, but the spirit of the law against the distinction; and its design is to I sure the investment of the funds of new depos tors in new securities. The object of t] amendatory legislation of June. 1874, was keep the funds of new depositors from any e tangling contract with the pre-existing security THOS. J. DURANT. ties. The bank was opened yesterday for the pu pose of explaining to customers the position which the trustees find themselves. No d posits were received or paid. The case bea particularly hard upon cases where the six days' required notice had been served and ju expired. No further action will be taken unt commissioners are appointed, when it is hope that by careful management, in realizing upo

8. July 4, 1874 Nashville Union and American Nashville, TN

Article from Nashville Union and American, July 4, 1874

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ROTTEN TO THE CORE. The Freedman's Savings and Trust Company was organized originally under a law approved by Abraham Lincoln March 3, 1865. Among the present trustees of the head institution at Washington are Gens. George W. Bullock and B. W. Brice, U.S. A., the latter chief Paymaster of the Army; Fred. Douglas and Prof. J. M. Langston, colored; E. B. French, Second Auditor of the Treasury, and Zalmon Richards, Auditor of the District; Rev. L. Talbot, Bishop of the Zion Methodist Episcopal Church, Sayles J. Bowen and other prominent Republican lights. The concern was seriously affected by the panic of last fall. Its bonds have been largely loaned out to the District ring through Henry D. Cook, a brother of Jay Cooke, and the collaterals held include a large share of Northern Pacific Railroad bonds. The institution has been charged with making other unsafe investments, and seems to have been run generally by politicians instead of experienced bankers. The session of Congress just closed investigated the matter, and although the committee's report was generally thought to contain a deal of whitewash, Congress passed a law providing for the winding up of the concern on certain conditions. The developments of the past few says indicate that the Washington trustees propose to take advantage of this enactment and retire from business. It is perhaps better for all concerned that the day of reckoning should come now. Further delay would lead to further risks, judging by the past history of the company. It may require a few years to realize on their collaterals to the best advantage. A pressure to settle immediately will inevitably lead to sacrifices and loss. If the negro depositors could wait indefiniteyears, it is just possible that they might get back their money, without the promised interest. By forcing the collaterals on the market now, they might realize anywhere from 30 to 50 cents on the dollar. In thisconnection the following incident narrated by the New York Herald of the 1st inst. may be instructive: Application is to be made in the Marine Court to-day for a receiver for the Freedman's Savings and Trust

9. July 4, 1874 Martinsburg Weekly Independent Martinsburg, WV

Article from Martinsburg Weekly Independent, July 4, 1874

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A FORGED BOND. of the Central Pacific railroad was discovered in Wall street yesterday. It is thought it came from Europe. A HYDROPHCBIA PANIC. The morning paper devote much space to the subject of hydrophobia at present agitating this community, Several persons are reported bitten yesterday, and a number of alleged rabid dogs were shot in the streets. THE FREEDMAN'S SAVINGS AND TRUST COMPANY received orders yesterday from the national board of trnstees at Wash ington to stop taking in and paying out money, A Washigton dispatch says in is understood that the bank there has suspended and gone into liquidation. IN THE CASE OF GILL, tried for the murder of Mortimer Sullivan, the jury were unable to agree, and were discharged. The prisoner then, with the consent of the district attorney, plead guilty to murder in the second degree, and was sentenced to the State prison for life, with hard labor.

10. July 9, 1874 New National Era Washington, DC

Article from New National Era, July 9, 1874

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# From Virginia. RICHMOND, VA., July 5, 1874.. To the Editor of the New National Era: The suspension and probable failure of the Freedman's Savings and Trust Company have caused much loss, and no little mortification among the depositors here. There has not existed entire confidence in the management and condition of the banks since the monetary fluctuations of last fall. While that confidence was being gradually restored and the friends of the institution were feliciting themselves on having escaped, unhurt, a financial crisis, which involved some of the best banking houses of the country, the unwelcome news came that the operations of the company had ceased. Some of us were exhibiting the circular of Hon. Frederick Douglass with a sense of triumphant vindication, and reproaching the inimical and the indifferent with the injustice they were doing the bank; but occurrences immediately subsequent to the publication of that document make it appear almost satirical. We, whose money has been sent northward for circulation and investment, are anxious to know where the fault lies. If any are guilty, they should receive their merited punishment. The effect of this suspension on the colored people is very unfortunate, if not positively harmful. It will check, in a large degree,

11. September 14, 1874 Evening Star Washington, DC

Article from Evening Star, September 14, 1874

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The Freedman's Savings and Trust Company. STATEMENT OF THE COMMISSIONERSASSETS AND LIABILITIES. The commissioners of the Freedman's Savings and Trust company, in a communication to Messrs. James H. A. Johnson, George W. Perkins and R. B. Sorrell, say: 'In reply to the inquiries submitted by you in person to the commissioners of the Freedman's Savings and Trust company, we respectfully submit the following: "I. However much it may be regretted, it is nevertheless true that this company is insolvent and unable to pay its depositors and other creditors. After all, or nearly all, the convertible securities and cash on hand had been exhausted in paying the demands of depositors, the directors, to prevent a further sacrifice, availed themselves of the provisions of the act of Congress, approved June 20, 1874, and proceeded to select three commissioners to 'close up' the affairs of the bank. The commission ers were approved by the secretary. and after giving bond and complying with the law in all other respects, entered upon the discharge of their duties, and for two months have been engaged in the investigation and adjustment of the complicated operations of the principal office in this city and its thirty-three branches, covering transactions amounting to many millions of dollars. II. The commissioners have felt the importance of presenting to the public at an early day as least an approximate statement of the affairs of the company, and from the beginning have bent all their energies to that task. As yet they can make no statement in detail for which they are willing to be held responsible. They have not arrived at accurate results either as to the indebtedness or the assets of the institution. They can at this time only submit the accompanying paper as presenting what is claimed by those in charge of the company at the time of its suspension to be a close approach to its actual condition. Should this statement prove, upon examination, to be correct, and the assets realize the sums at which they are respectively valued. the company will be able to pay about ninety-six per cent. of its total indebtedness, less expenses. It is but fair to say, however, that the commissioners do not expect to realize the full valuation of the assets as presented in this statement, and that they are not without fear that upon settlement of the pass-books of depositors a greater sum will appear to be due them. These are matters that can only be determined with accuracy after a careful investigation, and after persistent efforts to convert the loans and various securities into money. III. Enough has been said to convince any person acquainted with business that it is simply impossible for the commissioners at this stage of their work to state with any pretensions to accuracy the time when their trust can be closed, or even when dividends can be declared and paid. The commissioners shave already relieved from hypothetication sundry securities placed in pledge before their appointment, and have paid off the entire amount ($26,962.26) of deposite made special after June 20, 1874, under the provisions of the act of Congress of that date. and are doing their utmost to make a full and complete report to the honorable Secretary of the Treasury at the earliest day practicable. They hope to present that report before the meeting of Congress, and that meantime the depositors will continue to aid them by cordial and patient cooperation, rather than retard them by unprofitable and vexatious proceedings. No effort will bespared on the part of the commissioners to so close up the affairs of the company as to produce the largest dividends with the least possible delay. Every dollar collected will be deposited in the Treasury of the United States for the benefit of the depositors." STATEMENT OF THE DEBTS AND ASSETS of the company at the close of business July 11, 1874, as compiled from its books and the statements of its former officers: Debts. To depositors. $2,793,898 22 To other creditors. 1,000 00

12. September 15, 1874 National Republican Washington, DC

Article from National Republican, September 15, 1874

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THE CREDIT OF THE DISTRICT We have somehow been impressed with the idea that a good credit and a good name was important to the citizens of the District of Columbia. It has, moreover, occurred to us that they were particularly desirable just at the present moment. Nearly one year has passed since we were stricken by a eruel financial panic, which for a few days threatened the solvency of the entire community. During that period we have struggled against the direst financial misfortunes. The Cookes, the First National. the Washington City Savings, and, finally, the Freedman's Savings and Trust Coinpany surrendered successively to the pressure of the times. These failures subtracted from our business circles an immense amount of active capital which has been locked up in the effort to liquidate their accounts. In addition to this, illus. trative of the old adage, "it never rains but it pours," the famous "memorialists" set their investigating machine in motion to "lock up" the treasury of the Board of Public Works, and bring all our District improvements to a stop. By this means it now turns out that some eight millions more of money, earned by laborers and contractors, is made payable in long lowrate bonds, which, though made perfectly safe by Government guaranty, are "whistled down the wind" by those whose interests imperatively demand that the credit of the District should be maintained, if we would not all go into liquidation together. The conversion of some four millions of the real estate and collateral securities held by the institutions above named, which have been forced into liquidation, into cash, which is now imminent, in addition to the placing of eight millions of fifty-year 3.65 bonds, will require a much larger amount of money than now appears available. A large portion of this money must be obtained from abroad. The only way in which it can be attracted here is by the exhibition of such confidence in the present and future on the part of citizens and capitalists in their ability and determination to pay their debts as has been shown in the past This will inspire confidence in others. But is it not a mistake to bend all out efforts toward keeping rates of interest at a high range What community can transact a safe and profitable real estate or mer cantile business upon capital borrowed at ten per cent. per annum? Does the income now received from improved property in this District warrant such rates? If the maturing mortgages are now foreclosed and the sale of the real property forced under the hammer, will it command its assessed value? It is all-important to us as a community that it should. All will agree to this. What means can be used by those most interested to turn into available cash these eight millions of low-rate bonds? If they can be so mobilized and manipulated as to realize the cash the proceeds will go a long way toward relieving the embarrassments which must otherwise result from the foreclosure of our real estate mortgages. But we cannot afford to realize upon them at thirty per cent. discount. The result of such a sale would be equivalent to a shrink

13. September 10, 1875 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, September 10, 1875

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LOCAL MATTERS. THE FREEDMAN'S BANK-A LETTER FROM ONE OF THE COMMISSIONERS.-Charles Spencer, late cashier of-tbe-Freedman's Savings Bank in this city, has just received the following letter from R. H. T. Leipold, one of the Freedman's Bank commissioners, in response to inquiries made by him for the information of parties interested in Richmond. Mr. Spencer thinks it will about or three months before a dividend will two be declared. The bank at Washington has now $515,000 in band, and will pay a dividend when they get $600,000: Office of the Commissioners of the Freedman's Savings and Trust Company, Wash. ington, D. C., September 6, 1875.-Dear We reply that we have auSir,thorized no persons to act for or to represent us in the matter of paying dividends, and that we prefer to deal with the depositors direct, rather than through any self-constituted agents. In fact, we propose to dispense with all agents at the branches. and to pay dividends from this office direct in the following manner-viz.: When we sball have got in the Treasury of the United States the sum required for the payment of twenty per cent. pro rata-say about six hundred thousand dollars-we shall declare a dividend, and advise depositors accordingly through the public press such other means as may to us at the proper themselves and by time. suggest When so declared we shall pay the dividend to deother than those at our on ton positors, branch, by checks the the Assistant WashingTreasurer of the United States. in New York, drawn to the order of the depositors respectively. To get these checks depositors will have to send us by or any or the we enter mail, Upon through receiving only bank books their bankers. pass-books shall the payment thereon and return them, with the proper check enclosed, to the depositors in such manner as each one may direct. These checks any depositor ought, and DO doubt will be able, to get cashed at any bank in your city without cost, and with no other trouble than that attending the necessary identification. Just how soon we shall be able to declare a dividend we canuot say. Of the $600,000 required we have now in hand some $515, 000. If you will be at the paios to explain to depositors the plan above indicated, and will add thereto that the commissioners advise them to hold on to their books until a dividend shall be ready, and then to send them direct, or through some reliable bank. you will have done them such service as is at present possible. Those depositors who have not had their books balanced since the suspension of the company should send them to us to be verified, in order to save delay when a dividend shall be ready. They will be returned in due course of mail. Respectfully yours, R. H. T. LEIPOLD, of the commissioners.

14. October 7, 1875 Mineral Point Tribune Mineral Point, WI

Article from Mineral Point Tribune, October 7, 1875

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The clergy and business men of Chicago have recently held meetings and appointed committees to take preliminary steps toward inaugurating a great religious revival this fall and coming winter. Efforts are to be made to secure the personal attendance and services of Messrs. Moody and Sankey, but in any event a revival is determined on. One report has it that Moody and Sankey are to remain and prosecute their religious labors in New York city. A Burlington (Iowa) special of the 27th reports a serious accident as having occurred on the Burlington & Missouri Railroad, near Woodburn. Three passenger-cars were thrown from the track and one passenger was killed and about thirty others were injured. The Secretary of the Treasury gave directions on the 28th for the retirement of $304,584 of outstanding legal-tenders, that amount being 80 per cent. of the National Bank circulation issued during the past month. Until further orders the outstanding legal-tenders will be $373,941,124. Considerable excitement was caused at Fall River, Mass., on the 27th and 28th by demonstrations on the part of mill-operatives in opposition to demands made upon them by their employers. The manufacturers had determined to require the workmen to sign an agreement to sever their connection with any labor union and not to leave work without giving ten days' notice, and then in numbers not to exceed one-eighth of the working force employed, etc. Large numbers of the operatives refused to comply with this demand and were refused work, and immediate steps were taken by them to persuade or compel other workmen to join their ranks. Threats were made against the mill-owners and working operatives, and serious trouble was so imminent that the Mayor of the city was compelled to take active measures and call for the militia to guard against a general outbreak. A meeting of Labor-Reformers was held in Boston on the 28th and resolutions of sympathy with the Fall River operatives were adopted. An Urbana (Ohio) telegram of the 27th says the testimony of the seven-year-old daughter of James Shell—the man lynched at Bellefontaine—given before the Coroner's jury at Belle Center was of so damaging a character to the mother as to cause a renewal of the excitement, and threats of another lynching were general. The Sheriff of the county had accordingly removed Mrs. Shell from the jail and, it was believed, had taken her to Marysville. The conviction that Mrs. Shell was at least a party to the murder of Allie Laughlin was becoming settled. A dispatch from the Red Cloud Agency, dated Sept. 27, states that the threatened outbreak on the part of the Indians in attendance upon the council had passed over without any person being hurt. Speeches were made on the 27th by several Indian chiefs, one of whom desired a wagon, horses, cattle and a gun and ammunition for each Indian before talking on the Black Hills question. "Spotted Bear" thought about seventy million dollars would be a fair equivalent for the Black Hills country. It was thought no treaty with the Indians could be effected. The report for August and September of the Agricultural Department gives the condition of wheat harvested for all the States as 79 per cent. in quality—poorer than for several years. The oat crop is superior in quantity and quality, and mostly secured in good condition. Of barley the average for the country is 85. Potatoes are 10 per cent. above the average. The wool crop is full average weight or little above in nearly all the States. Tobacco has fallen 10 per cent. below an average. Hops—New York and Wisconsin, which together produced from three-fourths to four-fifths of the entire crop, have largely increased their acreage. Announcement was made in San Francisco on the 29th ult. that the reorganized Bank of California would resume business on the 2d of October with $3,000,000 of gold in its vaults. The Board of Education of Chicago have recently abolished the reading of the Scriptures and repeating of the Lord's Prayer in the public schools of the city. The Commissioners of the Freedman's Savings and Trust Company, in Washington, announce that they will commence, on the 1st of November, paying a dividend of 20 per cent, on all audited claims. John McCormick and wife, of Newark, N. J., were absent from home several hours the other day, and left their three children—twins of five years and a three-year-old—to keep house. The fire went out, and the little housekeepers set about rekindling it. They replenished the stove with wood, poured kerosene on it in the usual way, and applied a match. The top of the stove was immediately blown off and the children were enveloped in flames. Some of the neighbors got badly burned helping the little sufferers. When Mrs. McCormick came back, an hour or two afterward, she had two children fewer in the house, one of the twins and the youngest child being blackened corpses. A large number of the operatives at Fall River, Mass., had resumed work on the 30th ult., and all the mills were running. Quiet prevailed and no further

15. April 24, 1876 New-York Tribune New York, NY

Article from New-York Tribune, April 24, 1876

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FREEDMAN'S BANK FRAUDS. THE TESTIMONY NOW MADE PUBLIC-THE RECKLESSNESS AND CORRUPTION THAT REIGNED IN THE BANK'S MANAGEMENT. |GENERAL PRESS DISPATCH. WASHINGTON, April 23.-The testimony taken secretly by the Select Committee of Investigation of the Freedman's Savings and Trust Company was today made public. The investigation was begun Jan. 17. The first witness was ex-Postmaster-General Creswell, one of the Commissioners for closing the affairs of the Company, whose indebtedness was over $3,000,000. Mr. Creswell feared they would not be able to realize more than 40 per cent from the assets, a large amount of the personal securities appearing to be worthless. Mr. Sperry, Inspector of the Freedman's Bank, testified to many discrepancies, one of $80,000, and that by the employment of additional expert force they were never able to reduce this difference below $40,000. No proceeding was instituted by any officer of the bank to recover from Wilson and Boston the deficiencies appearing in their accounts as managers of the Washington branch. A new feature in regard to the Beneca Stone Company was found. A loan of $50,000 was made to Hallett Kilbourn and John O. Evans. Among the collaterals was $75,000 of the Seneca Stone bonds. The note for $50,000 did not mature for a year. When it did mature and was not paid, the actuary, Col. Eaton, demanded payment. The men named produced the following secret agreement: WASHINGTON D. C., Nov. 15,1873. Received of the actuary of the Freedman's Bavings and the Trust exception Company of the $75,000 within bonds mentioned of the securities, Maryland with Free Stone Manufacturing and Mining Company, with the understanding that our note for $50,000 is to be returned to us on or before the 18th inst. HALLETT KILBOURN, JOHN O. EVANS. The actuary was threatened with suits, and after some wrangling he finally gave up the note and other papers, and retained the worthless Seneca bonds The secret agreement was made by a majority of the Finance Committee: Chephane, Tuttle, and Huntington. Col. Eaton held $4,000 of the Seneca Stone stock while he acted as actuary of the bank. It appears from the testimony that a hard-working colman John Watkins that Boston, who the and ored out of named was deposited receiving nearly $1,800, teller at the time, drew $1,050 on forged notes, and Wilson, the late cashier, indorsed two of them. The bank loaned $33,000 to the Young Men's Christian The Men's Christian owns about of Joint clation Stock Company. $15,000 Young worth of the stock out Asso$200,000 worth issued for the building. A mortgage on the property was given to secure the loan. At the time the loan was made it was supposed to be good, and It would have been good if the title had been good. C.B. Purvis gave the following testimony After Jay Cooke & Co. failed had in our bank of to over To made on $650,000 altogether us we had Currency $800,000. Bixes and other meet we bonds, the run amounting to sell our bonds. The trustees met every two or three days, and authorized to sell the President bank bonds, $100,000 the executive or 80 at a time. officers The of went to New-York to sell some of the bonds, and it seems without any authority whatever. Mr.

16. October 11, 1876 National Republican Washington, DC

Article from National Republican, October 11, 1876

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THE COURTS. Supreme Court of the United States. TUESDAY, October 10, 1876. On motion of Mr. P. Phillips, J. R. Burns, esq., of McKinney, Texas; Wm. Stone, esq., of Charleston, S.C., and Geo. D. Buckley, esq., of San Francisco, Cal., were admitted to practice as attorneys and counselors of this court. On motion of Mr. R. Fendall, Leigh Robinson; esq., of Washington, D. C., was admitted to practice as an attorney and counselor of this court. On motion of Mr. J. Hubley Ashton, Geo. F. Baer, esq., and Geo. T. Bispham, esq., of Philadelphia, Pa., were admitted to practice as attorneys and counselors of this court. On motion of Mr. E. L. Stanton, Geo. M. Dallas, esq., of Philadelphia, Pa., was admitted to practice as an attorney and counselor of this court. On motion of Mr. T. W. Bartley, R. E. Houghton, esq., of San Francisco, Cal., was admitted to practice as an attorney and counselor of this court. On motion of Mr. C. Robinson, Wm. Green, esq., of Richmond, Va., was admitted to practice as an attorney and counselor of this court. No. 488. Louis Rose, plaintiff in error, vs. Frank F. Case, receiver, &c. Dismissed with costs, per stipulation. No. 1. George F. Kelly, complainant, vs. City of Providence. Dismissed, per stipulation. No. 2. John R. Smith, plaintiff in error, vs. The United States. Dismissed by consent. No. 3. Wm. H. Gaines et al., plaintiffs in error, vs. John C. Hale and H. M. Rector. Submitted. No. 4. R. C. Kimball et al., plaintiffs in error, vs. Wm. F. Evans et al. This cause was submitted on printed arguments by Mr. H. E. Paine for defendants in error. Leave granted plaintiffs in error to file brief. No. 5. Keystone Bridge Company, plaintiffs in error, vs. Phoenix Iron Company. Postponed to the foot of the docket, on motion of Mr. W. D. Baldwin. No.6. George D. Snow, impld. with P. B. Clark, executor, &c., plaintiff in error, vs. Geo. W. Chapman, executor, &c. This cause was argued by Mr. W. P. Clough, of counsel for the plaintiff in error, and by Mr. T. J. Durant for the defendant in error. No. 7. Peyton Grymes, appellant, vs. Dallas Sanders, administrator. The argument of this cause was commenced by Mr. Leigh Robinson, counsel for the appellant. Adjourned until to-morrow at 12 o'clock. General Term-Chief Justice Cartter and Judges Humphreys, Wylie and MacArthur on the Bench. Archibald Young, of Arkansas, was admitted to the bar on motion of Judge Moore. McFarland vs. District of Columbia. Leave to withdraw demurrer remanded. Fant vs. Stewart. Death of defendant Stewart suggested by Mr. Wells; also, insolvency of defendants, Freedman's Savings and Trust Company. Argued by Messrs. Wells and Paschal. Criminal Court-Judge Olin. The following cases occupied the attention of this court yesterday: Benjamin H. Bryan, indicted for abstracting money from letters while employed in the United States postal service; guilty. William Johnson, colored, charged with assault and committing a rape on Sallie White on the 18th of August, 1876. After the testimony was put in the counsel for the defendant withdrew his plea and entered one of guilty. He also plead guilty to the indictment for rape on Mary Templemann. It was afterward disclosed that he was wanted in Maryland to answer a similar charge there. He was sentenced to the penitentiary in the first case for 12 years, and sentence in that of the second suspended until that of the first expires. William Brown, alias Spider Brown, colored, resisting a police officer; guilty. Adjourned until 10 o'clock to-day.

17. December 29, 1876 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, December 29, 1876

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WASHINGTON. House Proceedings Yesterday-Provision for the Purchase of the Freedman's Bank Building. Proposed Investigation of the Oregon Case-Silver Disbursements-The Treasury has not been Robbed. House Proceedings. WASHINGTON, December 28.-The following bills were introduced in the house and referred: By Mr. Hooker: For the improvement of Pearl and Fascagoula rivers, Mississippi- By Mr. Douglass: Authorizing the commissioners of the Freedman's savings and trust company to buy certain real estate. By Mr. Finn: Authorizing the purchase of gold-dust and bullion at the assay office at Boise City. The house then, at twenty minutes past twelve, adjourned. Providing for the Purchase of the Freedings's Bank Building. The bill introduced in the house to-day by Representative Douglass, authorizes the secretary of the treasury to purchase the Freedman's savings bank building, in this city, for government uses, at a sum not exceeding three hundred thousand dollars. He also introduced à bill authorizing the commissioners now liquidating the affairs of that institution, to buy in its own real estate when the price offered or it at the public sales shall be deemed too low. Mr. Douglass is chairman of the house select committee on the Freedman's bank. Investigation of the Oregon Case. The Senate committee on privileges and elections in the case to-morrow. Oregon electoral will commence investigation the Meastr. Watts, Odell and Cartweight, Republican electors, and Hon. Stephen Chadwick, secretary of state of Oregon, witnesses subpenaed to appear here, arrived this morning. Silver Disbursements. The amount of silver disbursements from the treasury, to date, aggregate $25,511,509, of which $15,395,512 was for the redemption of fractional currency, and $10,115,996 was silver paid in lieu of notes and checks. The amount paid by the assistant treasurer in New York is $7,596,607; Boston, $3,537,030; Philadelphia, $3,164,430; St. Louis, $1,475,082; Cincinnati, $2,280,251; Chicago, $2,638,977; Baltimore, $991,012. The Treasury has Sustained no Loss. NEW York, December 28.-The report from Washington that the treasury experts engaged in examining the money that was partially burned in the recent fire on the Erie railroad, by which the safes, containing one million dollars belonging to the Adams Express Company were destroyed, have sucSeeded in identifying only about seventy-five hundred dollars, is incorrect. There has been no loss of safes containing money on the Erie ra.lroad; and no loss of a million dollars in safes on any other road. The Adams Express company do not run on the never to Erie their railroad, knowledge, and had did. any late They loss have of safes not, or money on any railroads. Very respectADAMS EXPRESS COMPANY. fully,

18. April 22, 1880 The Anderson Intelligencer Anderson, SC

Article from The Anderson Intelligencer, April 22, 1880

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rest, comrades, in Greenwood Cemetery. The brilliant record of Hays'. brigade will show no name more fit to adorn the niche of fame than that of Lieut. Charles Hatch Pierce. The Freedmen and Their Savings. Hon. M. P. O'Connor, of South Carolina, and Hon. E. John Ellis, of Louisiana, have prepared and submitted a bill to Congress looking to a return to the freedmen of the South of their savings deposited in the Freedman's Savings and Trust Company. The bill recites certain facts and conveys such intelligence as cannot but prove important to all concerned. Everything is done by this bill to reimburse the freedmen and to protect them against fraud in securing their claims. In connection with the bill, Messrs. O'Connor and Ellis recite some facts in the history of the Bank, which are worth repeating. The Freedman's Bank was incorporated by act of Congress in 1865 and collapsed in 1874. Cheoriginal design was a beneficent one but it was horribly and abominably perverted. At the time of its establishment, the freedmen were just emerging from slavery, and, weak and dependent, they were easily persuaded to favor anything that bore upon its face the symbols of United States protection and authority. It is certain that the agents of the Bank represented to the freedmen that the Government had established the "Freedman's Savings and Trust Company" solely in their interest, and for the purpose of protecting and defending their material rights. It was held out to the freedmen that the Government was responsible for whatever deposits might be made with the company; indeed, on many of the pass books which were issued to the depositors it was plainly printed that the Government was responsible for the deposits. Besides this, on the covers of these same pass-books were pictures of the well-known faces of Abraham Lincoln, Charles Sumner, Horace Greeley, O. O. Howard, Wm. Cullen Bryant, and others who had been the most prominent and avowed champions of the rights and interests of the freedmen. Trusting blindly to these promises and inducements the freedmen of the South posited, from 1865 to 1874 the sum of $57,315,857.73. Soon after the act of incorporation the principal office was established at New York. There was no provision for branch banks. There was one bulwark in the charter against peculation and fraud, as follows: "SECTION 5. Be it further enacted that the general business and objects of the corporation hereby created, shall be to receive on deposit such sums of money as may from time to time be offered thereto by or on behalf of persons hitherto held in slavery in the United States and investing the same in stocks, notes or other securities of the United States." An adherence to this provision would have made deposits safe. But in 1869 the principal office was removed from New York to Washington and a reign of speculation, amounting to insanity, began. To get at the Government securities of the bank an act was hurried through Congress, on May 6th, 1870, which provided that the deposits of the company instead of being invested in the safe securities of the United States should be loaned upon real estate. This received the approval of the President, and was the death blow to the concern. Valueless real estate and wild-cat stocks were exchanged for the hard earned cash of the freedmen, in a way that is monstrous to contemplate. A more barefaced and shameless swindle never was perpetrated upon 80 defenseless and confiding a people. No immediate notice was taken by Congress, but repeated exposures of the concern by the press at last shamed the National Legislature into an attempt at remedy, in 1875. It was too late. The actual loss of the company, when it suspended, was about $1,359,981,39. It is probable that $500,000 of this sum is due to white depositors. The object of the bill is to indemnify only freedmen. About $1,000,000 would refund the present total loss. The payment of this sum is based upon the responsibility of the Government for the creation of the bank; that the Government assumed toward the freedmen in 1865 the position of a guardian that Congress was responsible for the litigation that ruined the Bank; that an attempt at remedy was tardy and that after the charter was 80 amended and the carnival of wrong and plunder began, and continued in a manner 80 open, shameful, and glaring as to attract the attention and challenge the criticism of the newspaper press and public, and that, too, right in the capital of the nation and immediately under the eye of Congress, it failed to notice or to attempt to save the company, and never even ordered an investigation until 1876, more than two years after the failure occurred. Congress carelessly turned over the company to an army of well-salaried and useless commissioners, clerks, attorneys, and messengers, who, like vultures, for six years past have been fattening upon the carcass of the institution, and who in these six: years, in the shape of salaries and expenses, have eaten up more than $240,000 of the deposits of the plundered freedmen. The legal argument supporting these propositions is absolutely irresistible, and inexorably leads the Committ e to con clude that "the Government should indemnify the freedmen depositors for the losses they have sustained in the failure of the "Freedman's Savings and Trust Company," and they therefore report the substitute for H. R. No. 499 and No. 2500, with the recommendation that the same be passed.'